Palm Futures Falls on Strong Ringgit

KUALA LUMPUR: The crude palm oil futures contract on Bursa Malaysia Derivatives closed lower yesterday, prompted by the stronger ringgit against the US dollar.

Phillip Futures Sdn Bhd derivatives product specialist David Ng said the disappointing Chinese purchasing managers index and the expectation of a likely rise in Malaysia’s April inventories pressured prices.

May 2014 finished RM20 lower at RM2,640 a tonne, June 2014 and August 2014 declined RM10 each to RM2,605 and RM2,572 a tonne, respectively, while July 2014 lost RM9 to RM2,583.

Turnover fell to 35,871 lots from 41,380 on Friday while open interest declined to 220,513 contracts versus 225,335 previously. Bernama

Source : New Straits Times 

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